The Central Bank of Nigeria (CBN), in a decisive move to shore up confidence in the foreign exchange market, has announced the revocation of licenses for 4,173 Bureaux De Change Operators.
The revelation came via a statement issued on Friday by Sidi Ali Hakama, the bank’s Acting Director of Corporate Communications, citing non-compliance with regulatory provisions as the reason behind the drastic action.
As part of its strategy to bolster market integrity, the CBN emphasized the need for strict adherence to revised regulatory guidelines for Bureau de Change operations.
The list of affected operators is now available on the CBN website, with the institution asserting that compliance with the new requirements is obligatory for all stakeholders in the sector.
This bold move by the CBN underscores its commitment to enforcing the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Revised Operational Guidelines for Bureaux De Change 2015.
Key provisions include timely payment of fees, adherence to reporting requirements, and strict compliance with anti-money laundering and counter-terrorism financing regulations.
By taking this decisive action against non-compliant operators, the CBN aims to fortify the integrity of the foreign exchange market and ensure a level playing field for all stakeholders.
